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DIGEST OF HB1276 (Updated January 28, 2004 9:44 am - DI 92)
Historic rehabilitation tax credit. Provides that if a taxpayer dies before using all of a historic rehabilitation tax credit to which the taxpayer is entitled, the unused credit may be used against inheritance tax due with respect to transfers of property interests by the taxpayer. Specifies that the historic rehabilitation tax credit is a credit against state income taxes. Provides that if the amount of historic rehabilitation tax credits claimed in a state fiscal year exceeds the allowable amount, a taxpayer may request that the legislative body of the county, city, or town in which the preservation or rehabilitation of the property occurs approve a refund to the taxpayer of the unused credit. Provides that a county, city, or town that pays a refund is entitled to reimbursement from the state general fund before the end of the state fiscal year that begins ten years after the refund is paid.